Electricity

By Innocent Anaba

THE Receiver/Manager’s nominee of Integrated Energy Distribution and Marketing Company, IEDMC, yesterday, said it was the legal and beneficial owner of 60 per cent (controlling and managing) shareholding interests in Ibadan Electricity Distribution Company, IBEDC.

It urged Nigerians to ignore the Nigerian Electricity Regulatory Commission, NERC, and the Bureau of Public Enterprises, BPE, over the purported take over, control and management of IBEDC.

It said, in a statement by Mr. Kinle Ogunba, SAN, that the purported takeover was announced, despite a subsisting order of a court in suit No. FHC/L/AMC/92/2021, granted on September 8, 2021, and varied on December 3, 2021, respectively.

The NERC and BPE, on Tuesday, announced the restructuring of five electricity distribution companies, also known as DISCOs, in the country, namely Kano Electricity Distribution Company, KEDCO; Benin Electricity Distribution Company, BEDC; Kaduna Electric, and Port Harcourt Electricity Distribution Company, PHEDC.

Ogunba in the statement said: “The appointment of a Receiver/Manager; Assets Management Corporation of Nigeria, AMCON and its nominee; ‘Kunle Ogunba, SAN, have been duly registered at the archives of the Corporate Affairs Commission, CAC, Abuja.

“The esteemed members of the public are hereby enjoined to ignore the publication as BPE and NERC both in their individual and collective capacities have no power(s) under any subsisting enactment to take the steps ‘they’ have taken as indeed there is no legislation tagged ‘Business continuity framework’ anywhere codified in the Nigerian laws.

“The steps as it touches and concerns IBEDC is an affront against due process amounting to contempt of court in the peculiar circumstance, especially given the Receiver/Manager’s veritable lien against IEDM’s shareholding interests in IBEDC, which have been registered and sanctioned by the duly constituted court of law and the concerned authorities aforesaid.”

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